The Indiana Mortgage Loan Broker Bond is required by the Indiana Secretary of State Securities Division.
According to the National Mortgage Licensing System, the Indiana Mortgage Loan Broker Bond is required of “any company that, in return for any consideration from any source procures… a residential mortgage loan from a third party or any other person, whether or not the person seeking the loan actually obtains the loan”. The bond protects the public from any damages caused by the broker’s noncompliance with Title 23, Article 2 of the Indiana Code.
The required amount of an Indiana Mortgage Loan Broker Bond depends on the previous year’s loan volume:
- If the loan volume is less than $5 million, the required bond amount is $50,000.
- If the loan volume is between $5 million and $20 million, the required bond amount is $60,000.
- If the loan volume is more than $20 million, the required bond amount is $75,000.
Licensing Fees and Requirements:
- Surety bond
- Properly completed application (MU1) through the Nationwide Multistate Licensing System.
- $100 to the Security Division for each of the loan broker’s Ultimate Equitable Owners
- FBI background check
- Properly completed branch application (MU3) through NMLS for each of the loan broker’s branch offices originating in Indiana.
- Register a principal manager for each office location
- Complete Disclosure Questions through NMLS
All licensing fees are required by the obligee, not the surety company.
Licenses must be renewed annually.
CLICK HERE for more information on obtaining an Indiana mortgage broker license from the Indiana Secretary of State.
APPLY NOW for your Indiana Mortgage Broker Bond with our easy online application!